Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 14, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35004 | |
Entity Registrant Name | FLEETCOR Technologies, Inc | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-1074903 | |
Entity Address, Address Line One | 3280 Peachtree Road | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30305 | |
City Area Code | 770 | |
Local Phone Number | 449-0479 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FLT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 77,340,818 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001175454 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,298,226 | $ 1,520,027 |
Restricted cash | 791,212 | 730,668 |
Accounts and other receivables (less allowance for credit losses of $118,911 at March 31, 2022 and $98,719 at December 31, 2021) | 2,304,643 | 1,793,274 |
Securitized accounts receivable—restricted for securitization investors | 1,436,000 | 1,118,000 |
Prepaid expenses and other current assets | 346,165 | 326,079 |
Total current assets | 6,176,246 | 5,488,048 |
Property and equipment, net | 254,432 | 236,294 |
Goodwill | 5,180,832 | 5,078,978 |
Other intangibles, net | 2,314,338 | 2,335,385 |
Investments | 71,062 | 52,016 |
Other assets | 224,503 | 213,932 |
Total assets | 14,221,413 | 13,404,653 |
Current liabilities: | ||
Accounts payable | 1,957,054 | 1,406,350 |
Accrued expenses | 376,370 | 369,054 |
Customer deposits | 1,586,979 | 1,788,705 |
Securitization facility | 1,436,000 | 1,118,000 |
Current portion of notes payable and lines of credit | 490,983 | 399,628 |
Other current liabilities | 244,542 | 208,614 |
Total current liabilities | 6,091,928 | 5,290,351 |
Notes payable and other obligations, less current portion | 4,416,356 | 4,460,039 |
Deferred income taxes | 588,664 | 566,291 |
Other noncurrent liabilities | 220,049 | 221,392 |
Total noncurrent liabilities | 5,225,069 | 5,247,722 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 475,000,000 shares authorized; 127,349,188 shares issued and 77,339,047 shares outstanding at March 31, 2022; and 127,113,023 shares issued and 78,879,551 shares outstanding at December 31, 2021 | 127 | 127 |
Additional paid-in capital | 2,920,192 | 2,878,751 |
Retained earnings | 6,474,394 | 6,256,442 |
Accumulated other comprehensive loss | (1,263,437) | (1,464,616) |
Less treasury stock, 50,010,141 shares at March 31, 2022 and 48,233,471 shares at December 31, 2021 | (5,226,860) | (4,804,124) |
Total stockholders’ equity | 2,904,416 | 2,866,580 |
Total liabilities and stockholders’ equity | $ 14,221,413 | $ 13,404,653 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 118,911 | $ 98,719 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 475,000,000 | 475,000,000 |
Common stock, shares issued (in shares) | 127,349,188 | 127,113,023 |
Common stock, shares outstanding (in shares) | 77,339,047 | 78,879,551 |
Treasury stock, shares (in shares) | 50,010,141 | 48,233,471 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenues, net | $ 789,241 | $ 608,623 |
Expenses: | ||
Processing | 174,194 | 116,428 |
Selling | 76,889 | 52,082 |
General and administrative | 143,522 | 108,362 |
Depreciation and amortization | 76,802 | 65,729 |
Other operating, net | 113 | 57 |
Operating income | 317,721 | 265,965 |
Investment loss (gain) | 152 | (9) |
Other expense, net | 869 | 1,743 |
Interest expense, net | 22,030 | 28,551 |
Total other expense | 23,051 | 30,285 |
Income before income taxes | 294,670 | 235,680 |
Provision for income taxes | 76,718 | 51,441 |
Net income | $ 217,952 | $ 184,239 |
Earnings per share: | ||
Basic earnings per share (in dollars per share) | $ 2.80 | $ 2.21 |
Diluted earnings per share (in dollars per share) | $ 2.75 | $ 2.15 |
Weighted average shares outstanding: | ||
Basic (in shares) | 77,737 | 83,475 |
Diluted (in shares) | 79,286 | 85,764 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 217,952 | $ 184,239 |
Other comprehensive income (loss): | ||
Foreign currency translation gains (losses), net of tax | 182,949 | (129,157) |
Net change in derivative contracts, net of tax | 18,230 | 11,296 |
Total other comprehensive income (loss) | 201,179 | (117,861) |
Total comprehensive income | $ 419,131 | $ 66,378 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Stockholders' Equity beginning balance at Dec. 31, 2020 | $ 3,355,411 | $ 126 | $ 2,749,900 | $ 5,416,945 | $ (1,363,158) | $ (3,448,402) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 184,239 | 184,239 | ||||
Other comprehensive income (loss), net of tax | (117,861) | (117,861) | ||||
Acquisition of common stock | (170,382) | (170,382) | ||||
Share-based compensation | 17,747 | 17,747 | ||||
Issuance of common stock | 27,345 | 1 | 27,344 | |||
Stockholders' Equity ending balance at Mar. 31, 2021 | 3,296,499 | 127 | 2,794,991 | 5,601,184 | (1,481,019) | (3,618,784) |
Stockholders' Equity beginning balance at Dec. 31, 2021 | 2,866,580 | 127 | 2,878,751 | 6,256,442 | (1,464,616) | (4,804,124) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 217,952 | 217,952 | ||||
Other comprehensive income (loss), net of tax | 201,179 | 201,179 | ||||
Acquisition of common stock | (422,736) | (422,736) | ||||
Share-based compensation | 32,631 | 32,631 | ||||
Issuance of common stock | 8,810 | 0 | 8,810 | |||
Stockholders' Equity ending balance at Mar. 31, 2022 | $ 2,904,416 | $ 127 | $ 2,920,192 | $ 6,474,394 | $ (1,263,437) | $ (5,226,860) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities | ||
Net income | $ 217,952 | $ 184,239 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 21,140 | 17,624 |
Stock-based compensation | 32,631 | 17,747 |
Provision for credit losses on accounts and other receivables | 25,478 | 2,477 |
Amortization of deferred financing costs and discounts | 1,968 | 1,471 |
Amortization of intangible assets and premium on receivables | 55,662 | 48,105 |
Deferred income taxes | 1,900 | 4,497 |
Investment loss (gain) | 152 | (9) |
Other | 113 | 57 |
Changes in operating assets and liabilities (net of acquisitions/dispositions): | ||
Accounts and other receivables | (818,969) | (468,593) |
Prepaid expenses and other current assets | (23,261) | 59,269 |
Other assets | (8,940) | 4,609 |
Accounts payable, accrued expenses and customer deposits | 381,921 | 206,357 |
Net cash (used in) provided by operating activities | (112,253) | 77,850 |
Investing activities | ||
Acquisitions, net of cash acquired | (35,864) | (43,727) |
Purchases of property and equipment | (31,387) | (19,526) |
Proceeds from disposal of investment | 0 | 9 |
Net cash used in investing activities | (67,251) | (63,244) |
Financing activities | ||
Proceeds from issuance of common stock | 8,810 | 27,345 |
Repurchase of common stock | (422,736) | (162,041) |
Borrowings on securitization facility, net | 318,000 | 215,000 |
Deferred financing costs | (337) | 0 |
Principal payments on notes payable | (45,063) | (41,188) |
Borrowings from revolver | 490,000 | 330,000 |
Payments on revolver | (400,000) | (353,851) |
Borrowings (payments) on swing line of credit, net | 1,505 | (33,311) |
Other | 0 | 1,467 |
Net cash used in financing activities | (49,821) | (16,579) |
Effect of foreign currency exchange rates on cash | 68,068 | (43,124) |
Net decrease in cash and cash equivalents and restricted cash | (161,257) | (45,097) |
Cash and cash equivalents and restricted cash, beginning of period | 2,250,695 | 1,476,619 |
Cash and cash equivalents and restricted cash, end of period | 2,089,438 | 1,431,522 |
Supplemental cash flow information | ||
Cash paid for interest | 33,967 | 27,732 |
Cash paid for income taxes | $ 72,296 | $ 32,041 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Throughout this Quarterly Report on Form 10-Q, the terms “our,” “we,” “us,” and the “Company” refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of March 31, 2022 and through the date of this Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the ongoing conflict between Russia and Ukraine, the magnitude and duration of the COVID-19 pandemic, as well as other factors. Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange (losses), which are recorded within other expense, net in the Unaudited Consolidated Statements of Income for the three months ended March 31 as follows (in millions): Three Months Ended March 31, 2022 2021 Foreign exchange (losses) $ (0.4) $ (1.2) The Company recorded foreign currency gains (losses) on long-term intra-entity transactions included as a component of foreign currency translation gains (losses), net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31 as follows (in millions): Three Months Ended March 31, 2022 2021 Foreign currency gains (losses) on long-term intra-entity transactions $ 146.0 $ (66.3) Cash, Cash Equivalents, and Restricted Cash Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand, as well as collateral received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use other than to repay customer deposits, as well as secure and settle cross-currency transactions. Based on our assessment of the current capital market conditions and related impact on our access to cash, we have reclassified all cash held at our Russian businesses of $124 million to restricted cash as of March 31, 2022. Financ ial Instruments - Credit Losses The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326. The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors. Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Corporate Payments, Fuel, Lodging, Tolls, as well as Gift solutions (stored value cards and e-cards). The Company provides solutions that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Revenues from contracts with customers, within the scope of ASC 606, represent approximately 75% of total consolidated revenues, net, for the three months ended March 31, 2022. The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. In addition, in its cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies. Disaggregation of Revenues The Company provides its services to customers across different payment solutions and geographies. Revenue by solution (in millions) for the three months ended March 31 was as follows: Revenues, net by Solution* Three Months Ended March 31, 2022 % 2021 % Fuel $ 318.5 40 % $ 261.9 43 % Corporate Payments 183.8 23 % 116.4 19 % Tolls 84.9 11 % 69.0 11 % Lodging 94.6 12 % 59.0 10 % Gift 43.5 6 % 43.4 7 % Other 63.9 8 % 58.9 10 % Consolidated revenues, net $ 789.2 100 % $ 608.6 100 % *Columns may not calculate due to rounding. Revenue by geography (in millions) for the three months ended March 31 was as follows: Revenues, net by Geography* Three Months Ended March 31, 2022 % 2021 % United States $ 471.8 60 % $ 370.4 61 % Brazil 102.5 13 % 81.9 13 % United Kingdom 94.6 12 % 75.6 12 % Other 120.3 15 % 80.6 13 % Consolidated revenues, net $ 789.2 100 % $ 608.6 100 % *Columns may not calculate due to rounding. Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $67.0 million and $73.7 million as of March 31, 2022 and December 31, 2021, respectively. We expect to recognize approximately $39.3 million of these amounts in revenues within 12 months and the remaining $27.7 million over the next five years as of March 31, 2022. Revenue recognized in the three months ended March 31, 2022 that was included in the deferred revenue contract liability as of December 31, 2021 was approximately $19.3 million. Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counter-party level. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the customer level, in its Consolidated Balance Sheets at their fair value. The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2022 and December 31, 2021 (in millions): March 31, 2022 December 31, 2021 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 3,506.7 $ (3,347.8) $ 158.9 $ 1,185.9 $ (1,057.7) $ 128.2 Liabilities Accounts Payable $ 3,407.7 $ (3,347.8) $ 59.9 $ 1,199.5 $ (1,057.7) $ 141.8 Reclassifications and Adjustments During 2021, the Company identified and corrected an immaterial error in the presentation of Deferred income taxes and changes in Accounts payable, accrued expenses and customer deposits, both presented within Net cash provided by operating activities, in our prior year Consolidated Statement of Cash Flows. The impact of this correction for three months ended March 31, 2021 was an increase to the adjustment to reconcile net income to net cash provided by operating activities related to deferred income taxes of $3.5 million, with a corresponding decrease to changes in accounts payable, accrued expenses and customer deposits in operating activities of $3.5 million. There was no impact to net cash provided by operating activities in the Unaudited Consolidated Statement of Cash Flows. Additionally, certain disclosures for prior periods have been reclassified to conform with current year presentation. Adoption of New Accounting Standards Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. The Company transitioned from LIBOR to the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a SONIA adjustment of 0.0326% for sterling borrowings, the Euro Interbank Offered Rate for euro borrowings, and the Tokyo Interbank Offered Rate for yen borrowings. The Company has availed itself to the practical expedients related to any changes in the reference rate related to our debt and interest rate swaps. Cross currency derivatives are not impacted by this ASU. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805) ("ASU 2021-08"), which requires an acquirer to account for revenue contracts acquired in a business combination in accordance with ASC 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired contracts. This update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption is permitted, including adoption in an interim period. Adoption during an interim period requires retrospective application to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. The Company's adoption of this ASU on January 1, 2022, did not have a material impact on the Company's results of operations, financial condition, or cash flows. |
Accounts and Other Receivables
Accounts and Other Receivables | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Accounts and Other Receivables | Accounts and Other Receivables The Company's accounts and securitized accounts receivable include the following at March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Gross domestic accounts receivable $ 1,096,335 $ 994,063 Gross domestic securitized accounts receivable 1,436,000 1,118,000 Gross foreign receivables 1,327,219 897,930 Total gross receivables 3,859,554 3,009,993 Less allowance for credit losses (118,911) (98,719) Net accounts and securitized accounts receivable $ 3,740,643 $ 2,911,274 The Company maintains a $1.6 billion revolving trade accounts receivable securitization facility (the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade receivables resulting from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers, without recourse, on a revolving basis, an undivided ownership interest in this pool of accounts receivable to multi-seller banks and asset-backed commercial paper conduits (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold. Purchases by the Conduit are financed with the sale of highly-rated commercial paper. The Company utilizes proceeds from the transferred assets as an alternative to other forms of financing to reduce its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the transferred asset as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount. The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the securitized debt are presented as cash flows from financing activities. On March 23, 2022, the Company entered into the tenth amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.3 billion to $1.6 billion. A rollforward of the Company’s allowance for credit losses related to accounts receivable for the three months ended March 31 is as follows (in thousands): 2022 2021 Allowance for credit losses beginning of period $ 98,719 $ 86,886 Provision for credit losses 25,478 2,477 Write-offs (15,417) (5,963) Recoveries 2,847 8,264 Impact of foreign currency 7,284 (3,762) Allowance for credit losses end of period $ 118,911 $ 87,902 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements A three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: • Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. • Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (in thousands): Fair Value Level 1 Level 2 Level 3 March 31, 2022 Assets: Repurchase agreements $ 404,448 $ — $ 404,448 $ — Money market 42,473 — 42,473 — Certificates of deposit 189 — 189 — Interest Rate Swaps 1,429 — 1,429 — Foreign exchange contracts 172,835 — 172,835 — Total assets $ 621,374 $ — $ 621,374 $ — Cash collateral for foreign exchange contracts $ 29,249 $ — $ — $ — Liabilities: Interest rate swaps $ 7,921 $ — $ 7,921 — Foreign exchange contracts 148,579 — 148,579 — Total liabilities $ 156,500 $ — $ 156,500 $ — Cash collateral obligation for foreign exchange contracts $ 16,937 $ — $ — $ — December 31, 2021 Assets: Repurchase agreements $ 477,069 $ — $ 477,069 $ — Money market 43,023 — 43,023 — Certificates of deposit 958 — 958 — Foreign exchange contracts 120,859 — 120,859 — Total assets $ 641,909 $ — $ 641,908 $ — Cash collateral for foreign exchange contracts $ 25,881 $ — $ — $ — Liabilities: Interest rate swaps 1 $ 30,733 $ — $ 30,733 $ — Foreign exchange contracts 89,925 — 89,925 — Total liabilities $ 120,658 $ — $ 120,658 $ — Cash collateral obligation for foreign exchange contracts $ 24,803 $ — $ — $ — 1 During 2022, the Company identified and corrected an immaterial error in the presentation of the December 31, 2021 interest rate swap liabilities in the table above. Such amount was incorrectly bracketed, which has since been corrected. The liability was correctly presented and classified in the Company's Consolidated Balance Sheet at December 31, 2021. The Company has highly-liquid investments classified as cash equivalents, with original maturities of 90 days or less, included in our Consolidated Balance Sheets. The Company utilizes Level 2 fair value determinations derived from directly or indirectly observable (market based) information to determine the fair value of these highly liquid investments. The Company has certain cash and cash equivalents that are invested on an overnight basis in repurchase agreements, money markets and certificates of deposit. The value of overnight repurchase agreements is determined based upon the quoted market prices for the treasury securities associated with the repurchase agreements. The value of money market instruments is determined based upon the financial institutions' month-end statement, as these instruments are not tradable and must be settled directly by us with the respective financial institution. Certificates of deposit are valued at cost, plus interest accrued. Given the short-term nature of these instruments, the carrying value approximates fair value. Foreign exchange derivative contracts are carried at fair value, with changes in fair value recognized in the Consolidated Statements of Income. The fair value of the Company's derivatives is derived with reference to a valuation from a derivatives dealer operating in an active market, which approximates the fair value of these instruments. The fair value represents the net settlement if the contracts were terminated as of the reporting date. Cash collateral received for foreign exchange derivatives is recorded within customer deposits in our Consolidated Balance Sheet at March 31, 2022 and December 31, 2021. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheet at March 31, 2022 and December 31, 2021. The level within the fair value hierarchy and the measurement technique are reviewed quarterly. Transfers between levels are deemed to have occurred at the end of the quarter. There were no transfers between fair value levels during the periods presented for March 31, 2022 and December 31, 2021. The Company’s assets that are measured at fair value on a nonrecurring basis or are evaluated with periodic testing for impairment include property, plant and equipment, investments, goodwill and other intangible assets. Estimates of the fair value of assets acquired and liabilities assumed in business combinations are generally developed using key inputs such as management’s projections of cash flows on a held-and-used basis (if applicable), discounted as appropriate, management’s projections of cash flows upon disposition and discount rates. Accordingly, these fair value measurements are in Level 3 of the fair value hierarchy. The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company's derivatives are over-the-counter instruments with liquid markets. The Company regularly evaluates the carrying value of its investments. The carrying amount of investments without readily determinable fair values was $71.1 million at March 31, 2022. The Company typically reviews Long-lived assets and Goodwill for impairment annually in the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or if an indicator of impairment exists. The recent military conflict between Russia and Ukraine has created significant uncertainty and risk in the economic environment in which the Russia reporting unit operates. As such, the Company conducted an analysis during the first quarter of 2022. The Company continues to monitor the economic uncertainty, while assessing the financial impact and outlook for the Russia reporting unit. As a result of the Company's analysis, and in consideration of the totality of events and circumstances, there was no impairment recorded during the first quarter of 2022. The fair value of the Company’s cash, accounts receivable, securitized accounts receivable and related facility, prepaid expenses and other current assets, accounts payable, accrued expenses, customer deposits and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The carrying value of the Company’s debt obligations approximates fair value as the interest rates on the debt are variable market based interest rates that reset on a quarterly basis. These are each Level 2 fair value measurements, except for cash, which is a Level 1 fair value measurement. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' EquityThe Company's Board of Directors (the "Board") has approved a stock repurchase program (as updated from time to time, the "Program") authorizing the Company to repurchase its common stock from time to time until February 1, 2023. On January 25, 2022, the Board increased the aggregate size of the Program by $1.0 billion, to $6.1 billion. Since the beginning of the Program through March 31, 2022, 21,845,168 shares have been repurchased for an aggregate purchase price of $4.9 billion, leaving the Company up to $1.2 billion of remaining authorization available under the Program for future repurchases in shares of its common stock. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes the expense recognized within general and administrative expenses in the Unaudited Consolidated Statements of Income related to share-based payments recognized in the three months ended March 31 (in thousands): Three Months Ended 2022 2021 Stock options $ 17,837 $ 4,590 Restricted stock 14,794 13,157 Stock-based compensation $ 32,631 $ 17,747 The tax benefits recorded on stock-based compensation and upon the exercises of options were $17.8 million and $14.1 million for the three months ended March 31, 2022 and 2021, respectively. The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of March 31, 2022 (cost in thousands): Unrecognized Weighted Average Stock options $ 100,898 2.00 Restricted stock 83,266 1.35 Total $ 184,164 Stock Options The following summarizes the changes in the number of shares of common stock under option for the three months ended March 31, 2022 (shares/options and aggregate intrinsic value in thousands): Shares Weighted Options Weighted Weighted Aggregate Outstanding at December 31, 2021 5,447 $ 176.52 3,798 $ 145.18 $ 257,707 Granted 588 226.36 $ 65.66 Exercised (119) 68.38 20,523 Forfeited (4) 252.50 Outstanding at March 31, 2022 5,912 $ 183.61 3,805 $ 150.28 $ 403,008 Expected to vest as of March 31, 2022 2,107 $ 243.79 The aggregate intrinsic value of stock options exercisable at March 31, 2022 was $377.4 million. The weighted average remaining contractual term of options exercisable at March 31, 2022 was 4.3 years. Restricted Stock The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the three months ended March 31, 2022 (shares in thousands): Shares Weighted Outstanding at December 31, 2021 278 $ 278.57 Granted 324 223.00 Vested (117) 270.93 Canceled or forfeited (33) 348.85 Outstanding at March 31, 2022 452 $ 235.48 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions 2022 Acquisitions Levarti On March 1, 2022, the Company completed the acquisition of Levarti, an airline software platform company for a net purchase price of $23.7 million. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business for which the Company is still completing the valuation. These noncompete agreements were accounted for separately from the business acquisition. Acquisition accounting for Levarti is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies. The following table summarizes the preliminary acquisition accounting (in thousands): Current assets $ 754 Long term assets 286 Goodwill 14,491 Intangibles 11,800 Current liabilities (660) Noncurrent liabilities (2,926) Aggregate purchase price $ 23,744 The estimated preliminary fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Name and Trademarks 2 $ 100 Proprietary Technology 10 3,500 Customer Relationships 16 8,200 $ 11,800 Other In February 2022, the Company also made investments of $7.8 million in an electric vehicle charging payments business and $5.0 million in an electric vehicle data analytics business. 2021 Acquisitions ALE On September 1, 2021, the Company completed the acquisition of ALE Solutions, Inc. (ALE), a leader in lodging solutions to the insurance industry, for a net purchase price of $421.8 million. The purpose of this acquisition is to expand the Company's lodging business into the insurance vertical. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business with an estimated fair value of $18.3 million. These noncompete agreements were accounted for separately from the business acquisition. Acquisition accounting for ALE is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and working capital adjustments. The following table summarizes the preliminary acquisition accounting for ALE (in thousands): Trade and other receivables $ 178,396 Prepaid expenses and other current assets 2,555 Property, plant and equipment 254 Other long term assets 9,866 Goodwill 136,471 Intangibles 175,800 Accounts payable and accrued expenses (31,048) Other current liabilities (38,866) Deferred tax liabilities (983) Other noncurrent liabilities (7,495) Customer deposits (3,118) Aggregate purchase price $ 421,832 The estimated preliminary fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Names and Trademarks Indefinite $ 14,500 Proprietary Technology 4 14,400 Lodging Network 20 800 Customer Relationships 15 146,100 $ 175,800 AFEX On June 1, 2021, the Company completed the acquisition of Associated Foreign Exchange (AFEX), a U.S. based, cross-border payment solutions provider, for $459.1 million. This includes $210.3 million of cash and cash equivalents and $178.7 million of restricted cash, resulting in a net purchase price of $70.1 million. The purpose of this acquisition is to further expand the Company's cross border payment solutions. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business with an estimated fair value of $4.1 million. These noncompete agreements were accounted for separately from the business acquisition. Acquisition accounting for AFEX is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and working capital adjustments. The following table summarizes the preliminary acquisition accounting for AFEX (in thousands): Trade and other receivables $ 8,159 Prepaid expenses and other current assets 108,402 Property, plant and equipment 1,723 Other long term assets 51,074 Goodwill 256,402 Intangibles 237,900 Accounts payable and accrued expenses (39,234) Other current liabilities (81,430) Customer deposits (375,049) Other noncurrent liabilities (97,855) Aggregate purchase price $ 70,092 The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Names and Trademarks 2 $ 5,400 Proprietary Technology 4 11,800 Banking Relationships 20 1,800 Licenses 20 2,600 Customer Relationships 10 216,300 $ 237,900 Roger On January 13, 2021, the Company completed the acquisition of Roger, rebranded Corpay One, a global accounts payable (AP) cloud software platform for small businesses, for $39.0 million, net of cash acquired. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. The following table summarizes the final acquisition accounting for Roger (in thousands): Accounts and other receivables $ 110 Prepaid expenses and other current assets 37 Other assets 28 Goodwill 34,359 Other intangibles 5,400 Current liabilities (925) Deferred income taxes (6) Aggregate purchase price $ 39,003 The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Proprietary Technology 10 $ 4,800 Customer Relationships 13 600 $ 5,400 Other On December 15, 2021, the Company acquired a mobile fuel payments solution in Russia for a net purchase price of $5.0 million. Acquisition accounting for this acquisition is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and working capital adjustments. The results from the acquisition are reported in the International segment. During 2021, the Company made an investment of $37.8 million in a joint venture in Brazil with CAIXA. The Company also made investments in other businesses of $6.8 million. The Company financed all of these investments and acquisitions using a combination of available cash and borrowings under its existing credit facility. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands): December 31, 2021 Acquisitions Acquisition Accounting Foreign March 31, 2022 Segment North America $ 3,814,258 $ 14,491 $ 6,703 $ 1,827 $ 3,837,279 Brazil 546,148 — — 93,315 639,463 International 718,572 — — (14,482) 704,090 $ 5,078,978 $ 14,491 $ 6,703 $ 80,660 $ 5,180,832 As of March 31, 2022 and December 31, 2021, other intangibles consisted of the following (in thousands): March 31, 2022 December 31, 2021 Weighted- Gross Accumulated Net Gross Accumulated Net Customer and vendor relationships 16.2 $ 2,963,613 $ (1,236,300) $ 1,727,313 $ 2,925,719 $ (1,167,218) $ 1,758,501 Trade names and trademarks—indefinite lived N/A 479,333 — 479,333 466,327 — 466,327 Trade names and trademarks—other 7.1 12,163 (5,987) 6,176 12,093 (5,235) 6,858 Software 6.0 281,347 (207,212) 74,135 272,461 (198,628) 73,833 Non-compete agreements 4.3 81,576 (54,195) 27,381 78,145 (48,279) 29,866 Total other intangibles $ 3,818,032 $ (1,503,694) $ 2,314,338 $ 3,754,745 $ (1,419,360) $ 2,335,385 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s debt instruments consist primarily of term loans, revolving lines of credit and a Securitization Facility as follows (in thousands): March 31, 2022 December 31, 2021 Term Loan A note payable, net of discounts $ 2,723,420 $ 2,763,162 Term Loan B note payable, net of discounts 1,867,605 1,871,505 Revolving line of credit A Facility 315,000 225,000 Revolving line of credit B Facility —foreign swing line 1,314 — Total notes payable and other obligations 4,907,339 4,859,667 Securitization Facility 1,436,000 1,118,000 Total notes payable, credit agreements and Securitization Facility $ 6,343,339 $ 5,977,667 Current portion $ 1,926,983 $ 1,517,628 Long-term portion 4,416,356 4,460,039 Total notes payable, credit agreements and Securitization Facility $ 6,343,339 $ 5,977,667 On March 23, 2022, the Company entered into the tenth amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.3 billion to $1.6 billion and replaced LIBOR with Secured Overnight Financing Rate ("SOFR") plus a SOFR Adjustment of 0.10%. The Company has unamortized debt issuance costs of $2.6 million and $2.5 million related to the Securitization Facility as of March 31, 2022 and December 31, 2021, respectively, recorded within other assets in the Unaudited Consolidated Balance Sheets. The maturity date for the Company's Securitization Facility is March 29, 2024. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2022 and 2021 to income before income taxes for the three months ended March 31, 2022 and 2021 due to the following (in thousands): 2022 2021 Computed “expected” tax expense $ 61,881 21.0 % $ 49,493 21.0 % Changes resulting from: Foreign income tax differential (2,015) (0.7) % (3,830) (1.6) % Excess tax benefit related to stock-based compensation (3,210) (1.1) % (9,413) (4.0) % State taxes net of federal benefits 4,992 1.7 % 2,685 1.1 % Foreign withholding 3,199 1.1 % 3,643 1.5 % GILTI, net of foreign tax credits 1,288 0.4 % 2,992 1.3 % Nondeductible stock-based compensation 1,430 0.5 % 797 0.3 % Increase in tax expense due to uncertain tax positions 1,664 0.6 % 2,412 1.0 % Sub-part F Income 3,654 1.2 % 1,326 0.6 % Other 3,835 1.3 % 1,336 0.6 % Provision for income taxes $ 76,718 26.0 % $ 51,441 21.8 % |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the three months ended March 31 is as follows (in thousands, except per share data): Three Months Ended 2022 2021 Net income $ 217,952 $ 184,239 Denominator for basic earnings per share 77,737 83,475 Dilutive securities 1,549 2,289 Denominator for diluted earnings per share 79,286 85,764 Basic earnings per share $ 2.80 $ 2.21 Diluted earnings per share $ 2.75 $ 2.15 Diluted earnings per share for the three months ended March 31, 2022 and 2021 excludes the effect of 2.1 million and 0.1 million, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be anti-dilutive. Diluted earnings per share also excludes the effect of an immaterial amount and 0.2 million shares of performance-based restricted stock for which the performance criteria have not yet been achieved for the three month periods ended March 31, 2022 and 2021, respectively. |
Segments
Segments | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segments | SegmentsThe Company reports information about its operating segments in accordance with the authoritative guidance related to segments. We manage and report our operating results through three operating and reportable segments defined by geographic regions: North America, Brazil and International, which aligns with how the Chief Operating Decision Maker (CODM) allocates resources, assesses performance and reviews financial information. The Company’s segment results are as follows for the three month periods ended March 31 in thousands): Three Months Ended 2022 1 2021 Revenues, net: North America $ 547,382 $ 402,206 Brazil 102,538 81,923 International 139,321 124,494 $ 789,241 $ 608,623 Operating income: North America $ 196,930 $ 162,576 Brazil 37,328 32,225 International 83,463 71,164 $ 317,721 $ 265,965 Depreciation and amortization: North America $ 53,307 $ 40,533 Brazil 13,121 12,287 International 10,374 12,909 $ 76,802 $ 65,729 Capital expenditures: North America $ 21,594 $ 11,530 Brazil 5,978 3,350 International 3,815 4,646 $ 31,387 $ 19,526 1 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, the Company is involved in various pending or threatened legal actions, arbitration proceedings, claims, subpoenas, and matters relating to compliance with laws and regulations (collectively, "legal proceedings"). Based on our current knowledge, management presently does not believe that the liabilities arising from these legal proceedings will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal proceedings could have a material adverse effect on our results of operations and financial condition for any particular period. Derivative Lawsuits On July 10, 2017, a shareholder derivative complaint was filed against the Company and certain of the Company’s directors and officers in the United States District Court for the Northern District of Georgia (“Federal Derivative Action”) seeking recovery on behalf of the Company. The Federal Derivative Action alleges that the defendants issued a false and misleading proxy statement in violation of the federal securities laws; that defendants breached their fiduciary duties by causing or permitting the Company to make allegedly false and misleading public statements concerning the Company’s fee charges and financial and business prospects; and that certain defendants breached their fiduciary duties through allegedly improper sales of stock. The complaint seeks unspecified monetary damages on behalf of the Company, corporate governance reforms, disgorgement of profits, benefits and compensation by the defendants, restitution, costs, and attorneys’ and experts’ fees. On September 20, 2018, the court entered an order deferring the Federal Derivative Action pending a ruling on motions for summary judgment in the then-pending shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed to by the parties. After preliminary approval of the proposed settlement of the shareholder class action was granted, the stay on the Federal Derivative Action was lifted. Plaintiffs amended their complaint on February 22, 2020. FLEETCOR filed a motion to dismiss the amended complaint in the Federal Derivative Action on April 17, 2020, which the court granted without leave to amend on October 21, 2020. Plaintiffs filed a notice of appeal to the United States Court of Appeals for the Eleventh Circuit on November 18, 2020. The appeal is pending, and the court heard oral argument in the case on February 10, 2022. On January 9, 2019, a similar shareholder derivative complaint was filed in the Superior Court of Gwinnett County, Georgia (“State Derivative Action”), which was stayed pending a ruling on motions for summary judgment in the shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed by the parties. On the parties’ joint motion, the court has continued the stay of the State Derivative Action “pending further developments in the first-filed Federal Derivative Action.” The defendants dispute the allegations in the derivative complaints and intend to vigorously defend against the claims. FTC Investigation In October 2017, the Federal Trade Commission (“FTC”) issued a Notice of Civil Investigative Demand to the Company for the production of documentation and a request for responses to written interrogatories. After discussions with the Company, the FTC proposed in October 2019 to resolve potential claims relating to the Company’s advertising and marketing practices, principally in its U.S. direct fuel card business within its North American Fuel Card business. The parties reached impasse primarily related to what the Company believes are unreasonable demands for redress made by the FTC. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities Foreign Currency Derivatives The Company uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers within its cross-border solution. The Company writes derivatives, primarily foreign currency forward contracts, option contracts, and swaps, mostly with small and medium size enterprises that are customers and derives a currency spread from this activity. Derivative transactions associated with the Company's cross-border solution include: • Forward contracts, which are commitments to buy or sell at a future date a currency at a contract price and will be settled in cash. • Option contracts , which give the purchaser the right, but not the obligation, to buy or sell within a specified time a currency at a contracted price that may be settled in cash. • Swap contracts , which are commitments to settlement in cash at a future date or dates, usually on an overnight basis. The credit risk inherent in derivative agreements represents the possibility that a loss may occur from the nonperformance of a counterparty to the agreements. Concentrations of credit and performance risk may exist with counterparties, which includes customers and banking partners, as we are engaged in similar activities with similar economic characteristics related to fluctuations in foreign currency rates. The Company performs a review of the credit risk of these counterparties at the inception of the contract and on an ongoing basis. The Company also monitors the concentration of its contracts with any individual counterparty against limits at the individual counterparty level. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements, but takes action when doubt arises about the counterparties' ability to perform. These actions may include requiring customers to post or increase collateral, and for all counterparties, if the counterparty does not perform under the term of the contract, the contract may be terminated. The Company does not designate any of its foreign exchange derivatives as hedging instruments in accordance with ASC 815 Derivatives and Hedging. For derivatives accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. The Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in cash flows of the related underlying exposures. Any ineffective portion of a financial instrument's change in fair value is immediately recognized in earnings. The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of March 31, 2022 and December 31, 2021 (in millions) is presented in the following table. Notional March 31, 2022 December 31, 2021 Foreign exchange contracts: Swaps $ 1,188.0 $ 2,670.4 Futures, forwards and spot 11,434.1 7,818.3 Written options 12,933.0 11,221.9 Purchased options 11,612.6 10,614.0 Total $ 37,167.7 $ 32,324.5 The majority of customer foreign exchange contracts are written in currencies such as the U.S. dollar, Canadian dollar, British pound, euro and Australian dollar. The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (in millions): March 31, 2022 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 359.9 $ 335.7 $ 172.8 $ 148.6 Cash collateral 29.2 16.9 29.2 16.9 Total net of cash collateral $ 330.7 $ 318.8 $ 143.6 $ 131.7 December 31, 2021 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 338.8 $ 307.8 $ 120.9 $ 89.9 Cash collateral 25.9 24.8 25.9 24.8 Total net of cash collateral $ 312.9 $ 283.0 $ 95.0 $ 65.1 The fair values of derivative assets and liabilities associated with contracts, which include netting terms that the Company believes to be enforceable, have been recorded net within the Consolidated Balance Sheets. The Company receives cash from customers as collateral for trade exposures, which is recorded within cash and cash equivalents and customer deposits in the Consolidated Balance Sheets. The customer has the right to recall their collateral in the event exposures move in their favor, they perform on all outstanding contracts and have no outstanding amounts due to the Company, or they cease to do business with the Company. The Company has trading lines with several banks, most of which require collateral to be posted if certain mark-to-market (MTM) thresholds are exceeded. Cash collateral posted with banks is recorded within restricted cash and can be recalled in the event that exposures move in the Company’s favor or move below the collateral posting thresholds. The Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral. The following table presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of March 31, 2022 and December 31, 2021 (in millions). March 31, 2022 December 31, 2021 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 138.2 $ 94.0 Derivative Asset Other noncurrent assets $ 34.6 $ 26.9 Derivative Liability Other current liabilities $ 119.3 $ 66.9 Derivative Liability Other noncurrent liabilities $ 29.3 $ 23.0 Cash Flow Hedges On January 22, 2019, the Company entered into three interest rate swap cash flow contracts (the "swap contracts"). The objective of these swap contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of variable rate debt, the sole source of which is due to changes in the LIBOR benchmark interest rate. The $1.0 billion interest rate swap matured in January 2022. As of March 31, 2022, the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions): Notional Amount as of March 31, 2022 Fixed Rates Maturity Date Interest Rate Derivative: Interest Rate Swap $ 500 2.56% 1/31/2023 Interest Rate Swap $ 500 2.55% 12/19/2023 For each of these swap contracts, the Company pays a fixed monthly rate and receives one month LIBOR. The following table presents the fair value of the Compa ny’s interest rate swap contracts, as well as their classification on the accompanying Consolidated Balance Sheets, as of March 31, 2022 and December 31, 2021 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts. March 31, 2022 December 31, 2021 Balance Sheet Classification Fair Value Derivatives designated as cash flow hedges: Swap contracts Other noncurrent assets $ 1.4 $ — Swap contracts Other current liabilities $ 7.9 $ 23.4 Swap contracts Other noncurrent liabilities $ — $ 7.3 The following table displays the effect of the Company’s derivative financial instruments in the Unaudited Consolidated Statements of Income and other comprehensive (gain) loss for the three m onths ended March 31 (in millions): Three Months Ended 2022 2021 Interest Rate Swaps: Amount of gain recognized in other comprehensive income (loss) on derivatives, net of tax of $(6.0) million and $(3.6) million for 2022 and 2021, respectively $ (18.2) $ (11.3) Amount of loss reclassified from accumulated other comprehensive loss into interest expense $ 8.1 $ 12.1 The estimated net amount of the existing losses expected to be reclassified into earnings within the next 12 months is approximately $8.0 million at March 31, 2022. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (AOCL) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss (AOCL) | Accumulated Other Comprehensive Loss (AOCL) The changes in the components of AOCL for the three months ended March 31 are as follows (in thousands): March 31, 2022 Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2021 $ (1,441,505) $ (23,111) $ (1,464,616) Other comprehensive income before reclassifications 182,949 16,094 199,043 Amounts reclassified from AOCI — 8,148 8,148 Tax effect — (6,012) (6,012) Other comprehensive income 182,949 18,230 201,179 Balance at March 31, 2022 $ (1,258,556) $ (4,881) $ (1,263,437) March 31, 2021 Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2020 $ (1,296,962) $ (66,196) $ (1,363,158) Other comprehensive (loss) income before reclassifications (129,157) 2,724 (126,433) Amounts reclassified from AOCI — 12,146 12,146 Tax effect — (3,574) (3,574) Other comprehensive (loss) income (129,157) 11,296 (117,861) Balance at March 31, 2021 $ (1,426,119) $ (54,900) $ (1,481,019) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Throughout this Quarterly Report on Form 10-Q, the terms “our,” “we,” “us,” and the “Company” refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of March 31, 2022 and through the date of this Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the ongoing conflict between Russia and Ukraine, the magnitude and duration of the COVID-19 pandemic, as well as other factors. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted CashCash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand, as well as collateral received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use other than to repay customer deposits, as well as secure and settle cross-currency transactions. Based on our assessment of the current capital market conditions and related impact on our access to cash, we have reclassified all cash held at our Russian businesses of $124 million to restricted cash as of March 31, 2022. |
Financial Instruments-Credit Losses | Financ ial Instruments - Credit Losses The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326. The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors. |
Revenue | Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Corporate Payments, Fuel, Lodging, Tolls, as well as Gift solutions (stored value cards and e-cards). The Company provides solutions that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Revenues from contracts with customers, within the scope of ASC 606, represent approximately 75% of total consolidated revenues, net, for the three months ended March 31, 2022. The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. In addition, in its cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies. |
Spot Trade Offsetting | Spot Trade OffsettingThe Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counter-party level. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the customer level, in its Consolidated Balance Sheets at their fair value. |
Reclassifications and Adjustments | Reclassifications and Adjustments During 2021, the Company identified and corrected an immaterial error in the presentation of Deferred income taxes and changes in Accounts payable, accrued expenses and customer deposits, both presented within Net cash provided by operating activities, in our prior year Consolidated Statement of Cash Flows. The impact of this correction for three months ended March 31, 2021 was an increase to the adjustment to reconcile net income to net cash provided by operating activities related to deferred income taxes of $3.5 million, with a corresponding decrease to changes in accounts payable, accrued expenses and customer deposits in operating activities of $3.5 million. There was no impact to net cash provided by operating activities in the Unaudited Consolidated Statement of Cash Flows. Additionally, certain disclosures for prior periods have been reclassified to conform with current year presentation. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. The Company transitioned from LIBOR to the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a SONIA adjustment of 0.0326% for sterling borrowings, the Euro Interbank Offered Rate for euro borrowings, and the Tokyo Interbank Offered Rate for yen borrowings. The Company has availed itself to the practical expedients related to any changes in the reference rate related to our debt and interest rate swaps. Cross currency derivatives are not impacted by this ASU. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805) ("ASU 2021-08"), which requires an acquirer to account for revenue contracts acquired in a business combination in accordance with ASC 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired contracts. This update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption is permitted, including adoption in an interim period. Adoption during an interim period requires retrospective application to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. The Company's adoption of this ASU on January 1, 2022, did not have a material impact on the Company's results of operations, financial condition, or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Foreign Exchange Gains/Losses on Long-Term Intra-Equity Transactions | The Company recognized foreign exchange (losses), which are recorded within other expense, net in the Unaudited Consolidated Statements of Income for the three months ended March 31 as follows (in millions): Three Months Ended March 31, 2022 2021 Foreign exchange (losses) $ (0.4) $ (1.2) The Company recorded foreign currency gains (losses) on long-term intra-entity transactions included as a component of foreign currency translation gains (losses), net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31 as follows (in millions): Three Months Ended March 31, 2022 2021 Foreign currency gains (losses) on long-term intra-entity transactions $ 146.0 $ (66.3) |
Disaggregation of Revenue | Revenue by solution (in millions) for the three months ended March 31 was as follows: Revenues, net by Solution* Three Months Ended March 31, 2022 % 2021 % Fuel $ 318.5 40 % $ 261.9 43 % Corporate Payments 183.8 23 % 116.4 19 % Tolls 84.9 11 % 69.0 11 % Lodging 94.6 12 % 59.0 10 % Gift 43.5 6 % 43.4 7 % Other 63.9 8 % 58.9 10 % Consolidated revenues, net $ 789.2 100 % $ 608.6 100 % *Columns may not calculate due to rounding. Revenue by geography (in millions) for the three months ended March 31 was as follows: Revenues, net by Geography* Three Months Ended March 31, 2022 % 2021 % United States $ 471.8 60 % $ 370.4 61 % Brazil 102.5 13 % 81.9 13 % United Kingdom 94.6 12 % 75.6 12 % Other 120.3 15 % 80.6 13 % Consolidated revenues, net $ 789.2 100 % $ 608.6 100 % *Columns may not calculate due to rounding. |
Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2022 and December 31, 2021 (in millions): March 31, 2022 December 31, 2021 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 3,506.7 $ (3,347.8) $ 158.9 $ 1,185.9 $ (1,057.7) $ 128.2 Liabilities Accounts Payable $ 3,407.7 $ (3,347.8) $ 59.9 $ 1,199.5 $ (1,057.7) $ 141.8 March 31, 2022 December 31, 2021 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 138.2 $ 94.0 Derivative Asset Other noncurrent assets $ 34.6 $ 26.9 Derivative Liability Other current liabilities $ 119.3 $ 66.9 Derivative Liability Other noncurrent liabilities $ 29.3 $ 23.0 |
Schedule of Derivative Liabilities at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2022 and December 31, 2021 (in millions): March 31, 2022 December 31, 2021 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 3,506.7 $ (3,347.8) $ 158.9 $ 1,185.9 $ (1,057.7) $ 128.2 Liabilities Accounts Payable $ 3,407.7 $ (3,347.8) $ 59.9 $ 1,199.5 $ (1,057.7) $ 141.8 March 31, 2022 December 31, 2021 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 138.2 $ 94.0 Derivative Asset Other noncurrent assets $ 34.6 $ 26.9 Derivative Liability Other current liabilities $ 119.3 $ 66.9 Derivative Liability Other noncurrent liabilities $ 29.3 $ 23.0 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Company's Accounts Receivable and Securitized Accounts Receivable | The Company's accounts and securitized accounts receivable include the following at March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Gross domestic accounts receivable $ 1,096,335 $ 994,063 Gross domestic securitized accounts receivable 1,436,000 1,118,000 Gross foreign receivables 1,327,219 897,930 Total gross receivables 3,859,554 3,009,993 Less allowance for credit losses (118,911) (98,719) Net accounts and securitized accounts receivable $ 3,740,643 $ 2,911,274 |
Allowance for Doubtful Accounts Related to Accounts Receivable | A rollforward of the Company’s allowance for credit losses related to accounts receivable for the three months ended March 31 is as follows (in thousands): 2022 2021 Allowance for credit losses beginning of period $ 98,719 $ 86,886 Provision for credit losses 25,478 2,477 Write-offs (15,417) (5,963) Recoveries 2,847 8,264 Impact of foreign currency 7,284 (3,762) Allowance for credit losses end of period $ 118,911 $ 87,902 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value | The following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (in thousands): Fair Value Level 1 Level 2 Level 3 March 31, 2022 Assets: Repurchase agreements $ 404,448 $ — $ 404,448 $ — Money market 42,473 — 42,473 — Certificates of deposit 189 — 189 — Interest Rate Swaps 1,429 — 1,429 — Foreign exchange contracts 172,835 — 172,835 — Total assets $ 621,374 $ — $ 621,374 $ — Cash collateral for foreign exchange contracts $ 29,249 $ — $ — $ — Liabilities: Interest rate swaps $ 7,921 $ — $ 7,921 — Foreign exchange contracts 148,579 — 148,579 — Total liabilities $ 156,500 $ — $ 156,500 $ — Cash collateral obligation for foreign exchange contracts $ 16,937 $ — $ — $ — December 31, 2021 Assets: Repurchase agreements $ 477,069 $ — $ 477,069 $ — Money market 43,023 — 43,023 — Certificates of deposit 958 — 958 — Foreign exchange contracts 120,859 — 120,859 — Total assets $ 641,909 $ — $ 641,908 $ — Cash collateral for foreign exchange contracts $ 25,881 $ — $ — $ — Liabilities: Interest rate swaps 1 $ 30,733 $ — $ 30,733 $ — Foreign exchange contracts 89,925 — 89,925 — Total liabilities $ 120,658 $ — $ 120,658 $ — Cash collateral obligation for foreign exchange contracts $ 24,803 $ — $ — $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Expense Related to Share-Based Payments | The following table summarizes the expense recognized within general and administrative expenses in the Unaudited Consolidated Statements of Income related to share-based payments recognized in the three months ended March 31 (in thousands): Three Months Ended 2022 2021 Stock options $ 17,837 $ 4,590 Restricted stock 14,794 13,157 Stock-based compensation $ 32,631 $ 17,747 |
Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation | The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of March 31, 2022 (cost in thousands): Unrecognized Weighted Average Stock options $ 100,898 2.00 Restricted stock 83,266 1.35 Total $ 184,164 |
Summary of Changes in Number of Shares of Common Stock Under Option | The following summarizes the changes in the number of shares of common stock under option for the three months ended March 31, 2022 (shares/options and aggregate intrinsic value in thousands): Shares Weighted Options Weighted Weighted Aggregate Outstanding at December 31, 2021 5,447 $ 176.52 3,798 $ 145.18 $ 257,707 Granted 588 226.36 $ 65.66 Exercised (119) 68.38 20,523 Forfeited (4) 252.50 Outstanding at March 31, 2022 5,912 $ 183.61 3,805 $ 150.28 $ 403,008 Expected to vest as of March 31, 2022 2,107 $ 243.79 |
Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units | The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the three months ended March 31, 2022 (shares in thousands): Shares Weighted Outstanding at December 31, 2021 278 $ 278.57 Granted 324 223.00 Vested (117) 270.93 Canceled or forfeited (33) 348.85 Outstanding at March 31, 2022 452 $ 235.48 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Acquisition Accounting | The following table summarizes the preliminary acquisition accounting (in thousands): Current assets $ 754 Long term assets 286 Goodwill 14,491 Intangibles 11,800 Current liabilities (660) Noncurrent liabilities (2,926) Aggregate purchase price $ 23,744 The following table summarizes the preliminary acquisition accounting for ALE (in thousands): Trade and other receivables $ 178,396 Prepaid expenses and other current assets 2,555 Property, plant and equipment 254 Other long term assets 9,866 Goodwill 136,471 Intangibles 175,800 Accounts payable and accrued expenses (31,048) Other current liabilities (38,866) Deferred tax liabilities (983) Other noncurrent liabilities (7,495) Customer deposits (3,118) Aggregate purchase price $ 421,832 The following table summarizes the preliminary acquisition accounting for AFEX (in thousands): Trade and other receivables $ 8,159 Prepaid expenses and other current assets 108,402 Property, plant and equipment 1,723 Other long term assets 51,074 Goodwill 256,402 Intangibles 237,900 Accounts payable and accrued expenses (39,234) Other current liabilities (81,430) Customer deposits (375,049) Other noncurrent liabilities (97,855) Aggregate purchase price $ 70,092 The following table summarizes the final acquisition accounting for Roger (in thousands): Accounts and other receivables $ 110 Prepaid expenses and other current assets 37 Other assets 28 Goodwill 34,359 Other intangibles 5,400 Current liabilities (925) Deferred income taxes (6) Aggregate purchase price $ 39,003 |
Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives | The estimated preliminary fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Name and Trademarks 2 $ 100 Proprietary Technology 10 3,500 Customer Relationships 16 8,200 $ 11,800 The estimated preliminary fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Names and Trademarks Indefinite $ 14,500 Proprietary Technology 4 14,400 Lodging Network 20 800 Customer Relationships 15 146,100 $ 175,800 The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Names and Trademarks 2 $ 5,400 Proprietary Technology 4 11,800 Banking Relationships 20 1,800 Licenses 20 2,600 Customer Relationships 10 216,300 $ 237,900 The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Proprietary Technology 10 $ 4,800 Customer Relationships 13 600 $ 5,400 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill by Reportable Business Segment | A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands): December 31, 2021 Acquisitions Acquisition Accounting Foreign March 31, 2022 Segment North America $ 3,814,258 $ 14,491 $ 6,703 $ 1,827 $ 3,837,279 Brazil 546,148 — — 93,315 639,463 International 718,572 — — (14,482) 704,090 $ 5,078,978 $ 14,491 $ 6,703 $ 80,660 $ 5,180,832 |
Schedule of Other Intangible Assets | As of March 31, 2022 and December 31, 2021, other intangibles consisted of the following (in thousands): March 31, 2022 December 31, 2021 Weighted- Gross Accumulated Net Gross Accumulated Net Customer and vendor relationships 16.2 $ 2,963,613 $ (1,236,300) $ 1,727,313 $ 2,925,719 $ (1,167,218) $ 1,758,501 Trade names and trademarks—indefinite lived N/A 479,333 — 479,333 466,327 — 466,327 Trade names and trademarks—other 7.1 12,163 (5,987) 6,176 12,093 (5,235) 6,858 Software 6.0 281,347 (207,212) 74,135 272,461 (198,628) 73,833 Non-compete agreements 4.3 81,576 (54,195) 27,381 78,145 (48,279) 29,866 Total other intangibles $ 3,818,032 $ (1,503,694) $ 2,314,338 $ 3,754,745 $ (1,419,360) $ 2,335,385 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Debt Instruments | The Company’s debt instruments consist primarily of term loans, revolving lines of credit and a Securitization Facility as follows (in thousands): March 31, 2022 December 31, 2021 Term Loan A note payable, net of discounts $ 2,723,420 $ 2,763,162 Term Loan B note payable, net of discounts 1,867,605 1,871,505 Revolving line of credit A Facility 315,000 225,000 Revolving line of credit B Facility —foreign swing line 1,314 — Total notes payable and other obligations 4,907,339 4,859,667 Securitization Facility 1,436,000 1,118,000 Total notes payable, credit agreements and Securitization Facility $ 6,343,339 $ 5,977,667 Current portion $ 1,926,983 $ 1,517,628 Long-term portion 4,416,356 4,460,039 Total notes payable, credit agreements and Securitization Facility $ 6,343,339 $ 5,977,667 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Provision for Income Taxes and U.S. Federal Tax Rate | The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2022 and 2021 to income before income taxes for the three months ended March 31, 2022 and 2021 due to the following (in thousands): 2022 2021 Computed “expected” tax expense $ 61,881 21.0 % $ 49,493 21.0 % Changes resulting from: Foreign income tax differential (2,015) (0.7) % (3,830) (1.6) % Excess tax benefit related to stock-based compensation (3,210) (1.1) % (9,413) (4.0) % State taxes net of federal benefits 4,992 1.7 % 2,685 1.1 % Foreign withholding 3,199 1.1 % 3,643 1.5 % GILTI, net of foreign tax credits 1,288 0.4 % 2,992 1.3 % Nondeductible stock-based compensation 1,430 0.5 % 797 0.3 % Increase in tax expense due to uncertain tax positions 1,664 0.6 % 2,412 1.0 % Sub-part F Income 3,654 1.2 % 1,326 0.6 % Other 3,835 1.3 % 1,336 0.6 % Provision for income taxes $ 76,718 26.0 % $ 51,441 21.8 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share, Basic and Diluted | The calculation and reconciliation of basic and diluted earnings per share for the three months ended March 31 is as follows (in thousands, except per share data): Three Months Ended 2022 2021 Net income $ 217,952 $ 184,239 Denominator for basic earnings per share 77,737 83,475 Dilutive securities 1,549 2,289 Denominator for diluted earnings per share 79,286 85,764 Basic earnings per share $ 2.80 $ 2.21 Diluted earnings per share $ 2.75 $ 2.15 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Company's Segment Results | The Company’s segment results are as follows for the three month periods ended March 31 in thousands): Three Months Ended 2022 1 2021 Revenues, net: North America $ 547,382 $ 402,206 Brazil 102,538 81,923 International 139,321 124,494 $ 789,241 $ 608,623 Operating income: North America $ 196,930 $ 162,576 Brazil 37,328 32,225 International 83,463 71,164 $ 317,721 $ 265,965 Depreciation and amortization: North America $ 53,307 $ 40,533 Brazil 13,121 12,287 International 10,374 12,909 $ 76,802 $ 65,729 Capital expenditures: North America $ 21,594 $ 11,530 Brazil 5,978 3,350 International 3,815 4,646 $ 31,387 $ 19,526 1 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of March 31, 2022 and December 31, 2021 (in millions) is presented in the following table. Notional March 31, 2022 December 31, 2021 Foreign exchange contracts: Swaps $ 1,188.0 $ 2,670.4 Futures, forwards and spot 11,434.1 7,818.3 Written options 12,933.0 11,221.9 Purchased options 11,612.6 10,614.0 Total $ 37,167.7 $ 32,324.5 Notional Amount as of March 31, 2022 Fixed Rates Maturity Date Interest Rate Derivative: Interest Rate Swap $ 500 2.56% 1/31/2023 Interest Rate Swap $ 500 2.55% 12/19/2023 |
Schedule of Derivative Assets at Fair Value | The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (in millions): March 31, 2022 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 359.9 $ 335.7 $ 172.8 $ 148.6 Cash collateral 29.2 16.9 29.2 16.9 Total net of cash collateral $ 330.7 $ 318.8 $ 143.6 $ 131.7 December 31, 2021 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 338.8 $ 307.8 $ 120.9 $ 89.9 Cash collateral 25.9 24.8 25.9 24.8 Total net of cash collateral $ 312.9 $ 283.0 $ 95.0 $ 65.1 |
Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2022 and December 31, 2021 (in millions): March 31, 2022 December 31, 2021 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 3,506.7 $ (3,347.8) $ 158.9 $ 1,185.9 $ (1,057.7) $ 128.2 Liabilities Accounts Payable $ 3,407.7 $ (3,347.8) $ 59.9 $ 1,199.5 $ (1,057.7) $ 141.8 March 31, 2022 December 31, 2021 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 138.2 $ 94.0 Derivative Asset Other noncurrent assets $ 34.6 $ 26.9 Derivative Liability Other current liabilities $ 119.3 $ 66.9 Derivative Liability Other noncurrent liabilities $ 29.3 $ 23.0 |
Schedule of Derivative Liabilities at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2022 and December 31, 2021 (in millions): March 31, 2022 December 31, 2021 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 3,506.7 $ (3,347.8) $ 158.9 $ 1,185.9 $ (1,057.7) $ 128.2 Liabilities Accounts Payable $ 3,407.7 $ (3,347.8) $ 59.9 $ 1,199.5 $ (1,057.7) $ 141.8 March 31, 2022 December 31, 2021 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 138.2 $ 94.0 Derivative Asset Other noncurrent assets $ 34.6 $ 26.9 Derivative Liability Other current liabilities $ 119.3 $ 66.9 Derivative Liability Other noncurrent liabilities $ 29.3 $ 23.0 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the fair value of the Compa ny’s interest rate swap contracts, as well as their classification on the accompanying Consolidated Balance Sheets, as of March 31, 2022 and December 31, 2021 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts. March 31, 2022 December 31, 2021 Balance Sheet Classification Fair Value Derivatives designated as cash flow hedges: Swap contracts Other noncurrent assets $ 1.4 $ — Swap contracts Other current liabilities $ 7.9 $ 23.4 Swap contracts Other noncurrent liabilities $ — $ 7.3 |
Derivative Instruments, Gain (Loss) | The following table displays the effect of the Company’s derivative financial instruments in the Unaudited Consolidated Statements of Income and other comprehensive (gain) loss for the three m onths ended March 31 (in millions): Three Months Ended 2022 2021 Interest Rate Swaps: Amount of gain recognized in other comprehensive income (loss) on derivatives, net of tax of $(6.0) million and $(3.6) million for 2022 and 2021, respectively $ (18.2) $ (11.3) Amount of loss reclassified from accumulated other comprehensive loss into interest expense $ 8.1 $ 12.1 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (AOCL) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCL for the three months ended March 31 are as follows (in thousands): March 31, 2022 Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2021 $ (1,441,505) $ (23,111) $ (1,464,616) Other comprehensive income before reclassifications 182,949 16,094 199,043 Amounts reclassified from AOCI — 8,148 8,148 Tax effect — (6,012) (6,012) Other comprehensive income 182,949 18,230 201,179 Balance at March 31, 2022 $ (1,258,556) $ (4,881) $ (1,263,437) March 31, 2021 Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2020 $ (1,296,962) $ (66,196) $ (1,363,158) Other comprehensive (loss) income before reclassifications (129,157) 2,724 (126,433) Amounts reclassified from AOCI — 12,146 12,146 Tax effect — (3,574) (3,574) Other comprehensive (loss) income (129,157) 11,296 (117,861) Balance at March 31, 2021 $ (1,426,119) $ (54,900) $ (1,481,019) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Foreign currency gains (losses) on long-term intra-entity transactions | $ (0.4) | $ (1.2) |
Foreign currency gains (losses) on long-term intra-entity transactions | ||
Related Party Transaction [Line Items] | ||
Foreign currency gains (losses) on long-term intra-entity transactions | $ 146 | $ (66.3) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Deferred revenue contract liabilities | $ 67,000,000 | $ 73,700,000 | |
Deferred revenue recognized | 19,300,000 | ||
Deferred income taxes | 1,900,000 | $ 4,497,000 | |
Decrease in accounts payable, accrued expenses and customer deposits | (381,921,000) | (206,357,000) | |
Net cash provided by operating activities | $ (112,253,000) | 77,850,000 | |
Sterling Overnight Index Average Reference Rate | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Derivative basis spread on variable rate | 0.0326% | ||
RUSSIAN FEDERATION | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cash | $ 124,000,000 | ||
Revision of Prior Period, Error Correction, Adjustment | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Deferred income taxes | 3,500,000 | ||
Decrease in accounts payable, accrued expenses and customer deposits | 3,500,000 | ||
Net cash provided by operating activities | $ 0 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenues to be recognized | $ 39,300,000 | ||
Revenues to be recognized, period | 12 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenues to be recognized | $ 27,700,000 | ||
Revenues to be recognized, period | 5 years | ||
Contracts with customers | Sales Revenue | Customer Concentration Risk | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Consolidated revenues, net (percent) | 75.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 789,241 | $ 608,623 |
Sales Revenue | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 100.00% | 100.00% |
Sales Revenue | Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 100.00% | 100.00% |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 471,800 | $ 370,400 |
United States | Sales Revenue | Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 60.00% | 61.00% |
Brazil | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 102,500 | $ 81,900 |
Brazil | Sales Revenue | Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 13.00% | 13.00% |
United Kingdom | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 94,600 | $ 75,600 |
United Kingdom | Sales Revenue | Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 12.00% | 12.00% |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 120,300 | $ 80,600 |
Other | Sales Revenue | Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 15.00% | 13.00% |
Fuel | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 318,500 | $ 261,900 |
Fuel | Sales Revenue | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 40.00% | 43.00% |
Corporate Payments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 183,800 | $ 116,400 |
Corporate Payments | Sales Revenue | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 23.00% | 19.00% |
Tolls | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 84,900 | $ 69,000 |
Tolls | Sales Revenue | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 11.00% | 11.00% |
Lodging | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 94,600 | $ 59,000 |
Lodging | Sales Revenue | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 12.00% | 10.00% |
Gift | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 43,500 | $ 43,400 |
Gift | Sales Revenue | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 6.00% | 7.00% |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 63,900 | $ 58,900 |
Other | Sales Revenue | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues, net (percent) | 8.00% | 10.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - Spot Trade - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable | ||
Assets: | ||
Gross | $ 3,506.7 | $ 1,185.9 |
Offset on the Balance Sheet | (3,347.8) | (1,057.7) |
Net | 158.9 | 128.2 |
Accounts Payable | ||
Liabilities: | ||
Gross Liabilities | 3,407.7 | 1,199.5 |
Offset on the Balance Sheet | (3,347.8) | (1,057.7) |
Net | $ 59.9 | $ 141.8 |
Accounts and Other Receivable_2
Accounts and Other Receivables - Company's Accounts Receivable and Securitized Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | $ 3,859,554 | $ 3,009,993 | ||
Less allowance for credit losses | (118,911) | (98,719) | $ (87,902) | $ (86,886) |
Net accounts and securitized accounts receivable | 3,740,643 | 2,911,274 | ||
Gross domestic accounts receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | 1,096,335 | 994,063 | ||
Gross domestic securitized accounts receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | 1,436,000 | 1,118,000 | ||
Gross foreign receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | $ 1,327,219 | $ 897,930 |
Accounts and Other Receivable_3
Accounts and Other Receivables - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 23, 2022 | Mar. 22, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for credit losses | $ 25,478 | $ 2,477 | ||
Securitization Facility | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Securitized accounts receivable facility | $ 1,600,000 | $ 1,600,000 | $ 1,300,000 |
Accounts and Other Receivable_4
Accounts and Other Receivables - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses beginning of period | $ 98,719 | $ 86,886 |
Provision for credit losses | 25,478 | 2,477 |
Write-offs | (15,417) | (5,963) |
Recoveries | 2,847 | 8,264 |
Impact of foreign currency | 7,284 | (3,762) |
Allowance for credit losses end of period | $ 118,911 | $ 87,902 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Total assets | $ 621,374 | $ 641,909 |
Liabilities: | ||
Total liabilities | 156,500 | 120,658 |
Carrying amount of investments without readily determinable fair value | 71,100 | |
Interest rate swaps | ||
Assets: | ||
Foreign exchange contracts | 1,429 | |
Liabilities: | ||
Derivative Liability | 7,921 | 30,733 |
Foreign exchange contracts | ||
Assets: | ||
Foreign exchange contracts | 172,835 | 120,859 |
Cash collateral for foreign exchange contracts | 29,249 | 25,881 |
Liabilities: | ||
Derivative Liability | 148,579 | 89,925 |
Cash collateral obligation for foreign exchange contracts | 16,937 | 24,803 |
Repurchase agreements | ||
Assets: | ||
Cash and cash equivalents | 404,448 | 477,069 |
Money market | ||
Assets: | ||
Cash and cash equivalents | 42,473 | 43,023 |
Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | 189 | 958 |
Level 1 | ||
Assets: | ||
Total assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 1 | Interest rate swaps | ||
Assets: | ||
Foreign exchange contracts | 0 | |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Level 1 | Foreign exchange contracts | ||
Assets: | ||
Foreign exchange contracts | 0 | 0 |
Cash collateral for foreign exchange contracts | 0 | 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Cash collateral obligation for foreign exchange contracts | 0 | 0 |
Level 1 | Repurchase agreements | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Level 1 | Money market | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Level 1 | Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Level 2 | ||
Assets: | ||
Total assets | 621,374 | 641,908 |
Liabilities: | ||
Total liabilities | 156,500 | 120,658 |
Level 2 | Interest rate swaps | ||
Assets: | ||
Foreign exchange contracts | 1,429 | |
Liabilities: | ||
Derivative Liability | 7,921 | 30,733 |
Level 2 | Foreign exchange contracts | ||
Assets: | ||
Foreign exchange contracts | 172,835 | 120,859 |
Cash collateral for foreign exchange contracts | 0 | 0 |
Liabilities: | ||
Derivative Liability | 148,579 | 89,925 |
Cash collateral obligation for foreign exchange contracts | 0 | 0 |
Level 2 | Repurchase agreements | ||
Assets: | ||
Cash and cash equivalents | 404,448 | 477,069 |
Level 2 | Money market | ||
Assets: | ||
Cash and cash equivalents | 42,473 | 43,023 |
Level 2 | Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | 189 | 958 |
Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 3 | Interest rate swaps | ||
Assets: | ||
Foreign exchange contracts | 0 | |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Level 3 | Foreign exchange contracts | ||
Assets: | ||
Foreign exchange contracts | 0 | 0 |
Cash collateral for foreign exchange contracts | 0 | 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Cash collateral obligation for foreign exchange contracts | 0 | 0 |
Level 3 | Repurchase agreements | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Level 3 | Money market | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Level 3 | Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | $ 0 | $ 0 |
Stockholders' Equity - Repurcha
Stockholders' Equity - Repurchase Program (Details) - USD ($) $ in Thousands | 3 Months Ended | 74 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Jan. 25, 2022 | |
Class of Stock [Line Items] | ||||
Shares repurchased | $ 422,736 | $ 170,382 | ||
Program | ||||
Class of Stock [Line Items] | ||||
Shares repurchased (in shares) | 21,845,168 | |||
Shares repurchased | $ 4,900,000 | |||
Remaining authorized repurchase amount | $ 1,200,000 | $ 1,200,000 | ||
Program | Common Stock | ||||
Class of Stock [Line Items] | ||||
Increase in authorized amount to be repurchased | $ 1,000,000 | |||
Stock repurchase program, approved amount | $ 6,100,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Expense Related to Share-Based Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 32,631 | $ 17,747 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 17,837 | 4,590 |
Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 14,794 | $ 13,157 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Tax benefits recorded on stock based compensation | $ 17.8 | $ 14.1 |
Aggregate intrinsic value of options exercisable | $ 377.4 | |
Weighted average remaining contractual term of options exercisable (in years) | 4 years 3 months 18 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 184,164 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 100,898 |
Weighted Average Period of Expense Recognition (in Years) | 2 years |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 83,266 |
Weighted Average Period of Expense Recognition (in Years) | 1 year 4 months 6 days |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Changes in Number of Shares of Common Stock Under Option (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Shares | ||
Shares at beginning of period (in shares) | 5,447 | |
Granted (in shares) | 588 | |
Exercised (in shares) | (119) | |
Forfeited (in shares) | (4) | |
Shares at end of period (in shares) | 5,912 | |
Weighted Average Exercise Price | ||
Weighted average exercise price, beginning of period (in dollars per share) | $ 176.52 | |
Weighted average exercise price, granted (in dollars per share) | 226.36 | |
Weighted average exercise price, exercised (in dollars per share) | 68.38 | |
Weighted average exercise price, forfeited (in dollars per share) | 252.50 | |
Weighted average exercise price, end of period (in dollars per share) | $ 183.61 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Expected to vest (in shares) | 2,107 | |
Weighted average exercise price, expected to vest (in dollars per share) | $ 243.79 | |
Options exercisable (in shares) | 3,805 | 3,798 |
Weighted average exercise price of exercisable options (in dollars per share) | $ 150.28 | $ 145.18 |
Weighted average exercise price of granted options (in dollars per share) | $ 65.66 | |
Aggregate intrinsic value | $ 403,008 | $ 257,707 |
Aggregate intrinsic value, exercised | $ 20,523 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Shares | |
Shares outstanding, beginning of period (in shares) | shares | 278 |
Granted (in shares) | shares | 324 |
Vested (in shares) | shares | (117) |
Canceled or forfeited (in shares) | shares | (33) |
Shares outstanding, end of period (in shares) | shares | 452 |
Weighted Average Grant Date Fair Value | |
Weighted average grant date fair value, beginning of period (in dollars per share) | $ / shares | $ 278.57 |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 223 |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 270.93 |
Weighted average grant date fair value, canceled or forfeited (in dollars per share) | $ / shares | 348.85 |
Weighted average grant date fair value, end of period (in dollars per share) | $ / shares | $ 235.48 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | Mar. 01, 2022 | Dec. 15, 2021 | Sep. 01, 2021 | Jun. 01, 2021 | Jan. 13, 2021 | Feb. 28, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Business Acquisition [Line Items] | ||||||||
Acquisitions, net of cash acquired | $ 35,864 | $ 43,727 | ||||||
Levarti | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisitions, net of cash acquired | $ 23,700 | |||||||
Intangibles | $ 11,800 | |||||||
Other - Electric Vehicle Charging Payments Business | ||||||||
Business Acquisition [Line Items] | ||||||||
Investment payments | $ 7,800 | |||||||
Other - Electric Vehicle Data Analytics Business | ||||||||
Business Acquisition [Line Items] | ||||||||
Investment payments | $ 5,000 | |||||||
ALE Solutions, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisitions, net of cash acquired | $ 421,800 | |||||||
Intangibles | 175,800 | |||||||
ALE Solutions, Inc. | Non-compete agreements | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangibles | $ 18,300 | |||||||
Associated Foreign Exchange | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisitions, net of cash acquired | $ 70,100 | |||||||
Intangibles | 237,900 | |||||||
Aggregate purchase price | 459,100 | |||||||
Cash acquired from acquisition | 210,300 | |||||||
Restricted cash | 178,700 | |||||||
Finite-lived intangible assets | $ 4,100 | |||||||
Roger | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangibles | $ 5,400 | |||||||
Aggregate purchase price | $ 39,000 | |||||||
Other Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisitions, net of cash acquired | $ 5,000 | |||||||
Payments to acquire joint venture | 37,800 | |||||||
Cash payment | $ 6,800 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 01, 2022 | Dec. 31, 2021 | Sep. 01, 2021 | Jun. 01, 2021 | Jan. 13, 2021 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 5,180,832 | $ 5,078,978 | ||||
Levarti | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 754 | |||||
Long term assets | 286 | |||||
Goodwill | 14,491 | |||||
Intangibles | 11,800 | |||||
Current liabilities | (660) | |||||
Noncurrent liabilities | (2,926) | |||||
Aggregate purchase price | $ 23,744 | |||||
ALE Solutions, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Accounts and other receivables | $ 178,396 | |||||
Prepaid expenses and other current assets | 2,555 | |||||
Property, plant and equipment | 254 | |||||
Other long term assets | 9,866 | |||||
Goodwill | 136,471 | |||||
Intangibles | 175,800 | |||||
Accounts payable and accrued expenses | (31,048) | |||||
Other current liabilities | (38,866) | |||||
Deferred income taxes | (983) | |||||
Other noncurrent liabilities | (7,495) | |||||
Customer deposits | (3,118) | |||||
Aggregate purchase price | $ 421,832 | |||||
Associated Foreign Exchange | ||||||
Business Acquisition [Line Items] | ||||||
Accounts and other receivables | $ 8,159 | |||||
Prepaid expenses and other current assets | 108,402 | |||||
Property, plant and equipment | 1,723 | |||||
Other long term assets | 51,074 | |||||
Goodwill | 256,402 | |||||
Intangibles | 237,900 | |||||
Accounts payable and accrued expenses | (39,234) | |||||
Other current liabilities | (81,430) | |||||
Other noncurrent liabilities | (97,855) | |||||
Customer deposits | (375,049) | |||||
Aggregate purchase price | $ 70,092 | |||||
Roger | ||||||
Business Acquisition [Line Items] | ||||||
Accounts and other receivables | $ 110 | |||||
Prepaid expenses and other current assets | 37 | |||||
Other long term assets | 28 | |||||
Goodwill | 34,359 | |||||
Intangibles | 5,400 | |||||
Current liabilities | (925) | |||||
Deferred income taxes | (6) | |||||
Aggregate purchase price | $ 39,003 |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Details) - USD ($) $ in Thousands | Mar. 01, 2022 | Sep. 01, 2021 | Jun. 01, 2021 | Jan. 13, 2021 | Mar. 31, 2022 |
Trade Names and Trademarks | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived intangible assets | $ 14,500 | ||||
Trade Names and Trademarks | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 7 years 1 month 6 days | ||||
Finite-lived intangible assets | $ 100 | ||||
Proprietary Technology | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | 3,500 | 14,400 | |||
Lodging | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | 800 | ||||
Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | 8,200 | 146,100 | |||
Levarti | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 11,800 | ||||
Levarti | Trade Names and Trademarks | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 2 years | ||||
Levarti | Proprietary Technology | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 10 years | ||||
Levarti | Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 16 years | ||||
ALE Solutions, Inc. | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 175,800 | ||||
ALE Solutions, Inc. | Proprietary Technology | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 4 years | ||||
ALE Solutions, Inc. | Lodging | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 20 years | ||||
ALE Solutions, Inc. | Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 15 years | ||||
Associated Foreign Exchange | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 237,900 | ||||
Associated Foreign Exchange | Trade Names and Trademarks | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 2 years | ||||
Finite-lived intangible assets | $ 5,400 | ||||
Associated Foreign Exchange | Proprietary Technology | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 4 years | ||||
Finite-lived intangible assets | $ 11,800 | ||||
Associated Foreign Exchange | Banking Relationships | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 20 years | ||||
Finite-lived intangible assets | $ 1,800 | ||||
Associated Foreign Exchange | Licenses | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 20 years | ||||
Finite-lived intangible assets | $ 2,600 | ||||
Associated Foreign Exchange | Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 10 years | ||||
Finite-lived intangible assets | $ 216,300 | ||||
Roger | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 5,400 | ||||
Roger | Proprietary Technology | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 10 years | ||||
Finite-lived intangible assets | $ 4,800 | ||||
Roger | Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Useful Lives (in Years) | 13 years | ||||
Finite-lived intangible assets | $ 600 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Summary of Changes in Goodwill by Reportable Business Segment (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 5,078,978 |
Acquisitions | 14,491 |
Acquisition Accounting Adjustments | 6,703 |
Foreign Currency | 80,660 |
Goodwill, ending balance | 5,180,832 |
North America | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 3,814,258 |
Acquisitions | 14,491 |
Acquisition Accounting Adjustments | 6,703 |
Foreign Currency | 1,827 |
Goodwill, ending balance | 3,837,279 |
Brazil | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 546,148 |
Acquisitions | 0 |
Acquisition Accounting Adjustments | 0 |
Foreign Currency | 93,315 |
Goodwill, ending balance | 639,463 |
International | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 718,572 |
Acquisitions | 0 |
Acquisition Accounting Adjustments | 0 |
Foreign Currency | (14,482) |
Goodwill, ending balance | $ 704,090 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Schedule of Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amounts | $ 3,818,032 | $ 3,754,745 |
Accumulated Amortization | (1,503,694) | (1,419,360) |
Net Carrying Amount | 2,314,338 | 2,335,385 |
Trade names and trademarks—indefinite lived | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amounts | 479,333 | 466,327 |
Net Carrying Amount | $ 479,333 | 466,327 |
Customer and vendor relationships | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Lives (Years) | 16 years 2 months 12 days | |
Gross Carrying Amounts | $ 2,963,613 | 2,925,719 |
Accumulated Amortization | (1,236,300) | (1,167,218) |
Net Carrying Amount | $ 1,727,313 | 1,758,501 |
Trade Names and Trademarks | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Lives (Years) | 7 years 1 month 6 days | |
Gross Carrying Amounts | $ 12,163 | 12,093 |
Accumulated Amortization | (5,987) | (5,235) |
Net Carrying Amount | $ 6,176 | 6,858 |
Software | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Lives (Years) | 6 years | |
Gross Carrying Amounts | $ 281,347 | 272,461 |
Accumulated Amortization | (207,212) | (198,628) |
Net Carrying Amount | $ 74,135 | 73,833 |
Non-compete agreements | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Lives (Years) | 4 years 3 months 18 days | |
Gross Carrying Amounts | $ 81,576 | 78,145 |
Accumulated Amortization | (54,195) | (48,279) |
Net Carrying Amount | $ 27,381 | $ 29,866 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impact of foreign exchange rates on intangible assets | $ 31.1 | |
Amortization expense of intangible assets | $ 54.9 | $ 47.3 |
Debt - Summary of Debt Instrume
Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total notes payable and other obligations | $ 4,907,339 | $ 4,859,667 |
Securitization facility | 1,436,000 | 1,118,000 |
Total notes payable, credit agreements and Securitization Facility | 6,343,339 | 5,977,667 |
Current portion | 1,926,983 | 1,517,628 |
Long-term portion | 4,416,356 | 4,460,039 |
Term Loan A | ||
Debt Instrument [Line Items] | ||
Term note payable—domestic, net of discounts | 2,723,420 | 2,763,162 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Term note payable—domestic, net of discounts | 1,867,605 | 1,871,505 |
Revolving line of credit A Facility | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | 315,000 | 225,000 |
Revolving line of credit B Facility - foreign swing line | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | $ 1,314 | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) - Securitization Facility - USD ($) $ in Millions | Mar. 23, 2022 | Mar. 31, 2022 | Mar. 22, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 1,600 | $ 1,600 | $ 1,300 | |
Unamortized debt issuance costs | $ 2.6 | $ 2.5 | ||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 0.10% |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract] | ||
Computed “expected” tax expense | $ 61,881 | $ 49,493 |
Foreign income tax differential | (2,015) | (3,830) |
Excess tax benefit related to stock-based compensation | (3,210) | (9,413) |
State taxes net of federal benefits | 4,992 | 2,685 |
Foreign withholding | 3,199 | 3,643 |
GILTI, net of foreign tax credits | 1,288 | 2,992 |
Nondeductible stock-based compensation | 1,430 | 797 |
Increase in tax expense due to uncertain tax positions | 1,664 | 2,412 |
Sub-part F Income | 3,654 | 1,326 |
Other | 3,835 | 1,336 |
Provision for income taxes | $ 76,718 | $ 51,441 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Computed “expected” tax expense | 21.00% | 21.00% |
Foreign income tax differential | (0.70%) | (1.60%) |
Excess tax benefit related to stock-based compensation | (1.10%) | (4.00%) |
State taxes net of federal benefits | 1.70% | 1.10% |
Foreign withholding | 1.10% | 1.50% |
GILTI, net of foreign tax credits | 0.40% | 1.30% |
Nondeductible stock-based compensation | 0.50% | 0.30% |
Increase in tax expense due to uncertain tax positions | 0.60% | 1.00% |
Sub-part F Income | 1.20% | 0.60% |
Other | 1.30% | 0.60% |
Provision for income taxes | 26.00% | 21.80% |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income | $ 217,952 | $ 184,239 |
Denominator for basic earnings per share (in shares) | 77,737 | 83,475 |
Dilutive securities (in shares) | 1,549 | 2,289 |
Denominator for diluted earnings per share (in shares) | 79,286 | 85,764 |
Basic earnings per share (in dollars per share) | $ 2.80 | $ 2.21 |
Diluted earnings per share (in dollars per share) | $ 2.75 | $ 2.15 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 2.1 | 0.1 |
Performance Based Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 0.2 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of operating segments | 3 |
Segments - Schedule of Company'
Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenues, net | $ 789,241 | $ 608,623 |
Operating income: | 317,721 | 265,965 |
Depreciation and amortization | 76,802 | 65,729 |
Capital expenditures: | 31,387 | 19,526 |
North America | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 547,382 | 402,206 |
Operating income: | 196,930 | 162,576 |
Depreciation and amortization | 53,307 | 40,533 |
Capital expenditures: | 21,594 | 11,530 |
Brazil | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 102,538 | 81,923 |
Operating income: | 37,328 | 32,225 |
Depreciation and amortization | 13,121 | 12,287 |
Capital expenditures: | 5,978 | 3,350 |
International | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 139,321 | 124,494 |
Operating income: | 83,463 | 71,164 |
Depreciation and amortization | 10,374 | 12,909 |
Capital expenditures: | $ 3,815 | $ 4,646 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amounts (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Notional amount | $ 37,167.7 | $ 32,324.5 |
Swaps | ||
Derivative [Line Items] | ||
Notional amount | 1,188 | 2,670.4 |
Futures, forwards and spot | ||
Derivative [Line Items] | ||
Notional amount | 11,434.1 | 7,818.3 |
Written options | ||
Derivative [Line Items] | ||
Notional amount | 12,933 | 11,221.9 |
Purchased options | ||
Derivative [Line Items] | ||
Notional amount | $ 11,612.6 | $ 10,614 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value by Balance Sheet Location (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross | $ 359.9 | $ 338.8 |
Cash collateral | 29.2 | 25.9 |
Derivative Asset, Fair Value, Gross, Total net of cash collateral | 330.7 | 312.9 |
Derivative Liabilities, Fair Value, Gross | 335.7 | 307.8 |
Cash collateral | 16.9 | 24.8 |
Derivative Liabilities, Fair Value, Gross, Total net of cash collateral | 318.8 | 283 |
Derivative Asset | 172.8 | 120.9 |
Derivative Assets, Total net of cash collateral | 143.6 | 95 |
Derivative Liabilities, Fair Value, Net | 148.6 | 89.9 |
Derivative Liabilities, Total net of cash collateral | $ 131.7 | $ 65.1 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other current assets | ||
Derivative [Line Items] | ||
Derivative Asset | $ 138.2 | $ 94 |
Other noncurrent assets | ||
Derivative [Line Items] | ||
Derivative Asset | 34.6 | 26.9 |
Other current liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | 119.3 | 66.9 |
Other noncurrent liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | $ 29.3 | $ 23 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Hedging Activities - Additional Information (Details) $ in Millions | Mar. 31, 2022USD ($) | Jan. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Jan. 22, 2019USD ($)derivative |
Derivative [Line Items] | ||||
Number of cash flow hedges entered into | derivative | 3 | |||
Notional amount | $ 37,167.7 | $ 32,324.5 | ||
Loss to be reclassified during next 12 months | $ 8 | |||
Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount | $ 1,000 | |||
Variable Rate Debt | ||||
Derivative [Line Items] | ||||
Long-term debt | $ 2,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments and Hedging Activities - Schedule of Cash Flow Hedge Notional Amounts (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Notional amount | $ 37,167.7 | $ 32,324.5 |
Designated as Hedging Instrument | Interest Rate Swap 2 | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Fixed Rates | 2.56% | |
Designated as Hedging Instrument | Interest Rate Swap 3 | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Fixed Rates | 2.55% |
Derivative Financial Instrume_8
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Asset | $ 1,429 | |
Derivative Liability | 7,921 | $ 30,733 |
Other noncurrent assets | ||
Derivative [Line Items] | ||
Derivative Asset | 34,600 | 26,900 |
Other noncurrent assets | Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Asset | 1,400 | 0 |
Other current liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | 119,300 | 66,900 |
Other current liabilities | Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liability | 7,900 | 23,400 |
Other noncurrent liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | 29,300 | 23,000 |
Other noncurrent liabilities | Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liability | $ 0 | $ 7,300 |
Derivative Financial Instrume_9
Derivative Financial Instruments and Hedging Activities - Schedule of Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Amount of (gain) loss recognized in other comprehensive income (loss) on derivatives, net of tax | $ (18,230) | $ (11,296) |
Interest rate swaps | Unrealized (Losses) Gains on Derivative Instruments | ||
Derivative [Line Items] | ||
Amount of loss reclassified from accumulated other comprehensive loss into interest expense | 8,100 | 12,100 |
Designated as Hedging Instrument | Unrealized (Losses) Gains on Derivative Instruments | ||
Derivative [Line Items] | ||
Tax on income (loss) recognized in other comprehensive income on derivatives | $ (6,000) | $ (3,600) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' Equity beginning balance | $ 2,866,580 | $ 3,355,411 |
Other comprehensive (loss) income before reclassifications | 199,043 | (126,433) |
Amounts reclassified from AOCI | 8,148 | 12,146 |
Tax effect | (6,012) | (3,574) |
Total other comprehensive income (loss) | 201,179 | (117,861) |
Stockholders' Equity ending balance | 2,904,416 | 3,296,499 |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' Equity beginning balance | (1,464,616) | (1,363,158) |
Total other comprehensive income (loss) | 201,179 | (117,861) |
Stockholders' Equity ending balance | (1,263,437) | (1,481,019) |
Cumulative Foreign Currency Translation | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' Equity beginning balance | (1,441,505) | (1,296,962) |
Other comprehensive (loss) income before reclassifications | 182,949 | (129,157) |
Amounts reclassified from AOCI | 0 | 0 |
Tax effect | 0 | 0 |
Total other comprehensive income (loss) | 182,949 | (129,157) |
Stockholders' Equity ending balance | (1,258,556) | (1,426,119) |
Unrealized (Losses) Gains on Derivative Instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' Equity beginning balance | (23,111) | (66,196) |
Other comprehensive (loss) income before reclassifications | 16,094 | 2,724 |
Amounts reclassified from AOCI | 8,148 | 12,146 |
Tax effect | (6,012) | (3,574) |
Total other comprehensive income (loss) | 18,230 | 11,296 |
Stockholders' Equity ending balance | $ (4,881) | $ (54,900) |